Bitcoin surging to $100,000 may be in play, after outperforming gold

Bitcoin traded in the low $80,000s on Sept. 29 after a quarter in which the token climbed more than 40%, outpacing gold, the S&P 500 and other major assets. The rally has come even as longer-duration U.S. Treasury yields jumped to levels not seen since 2007 and the dollar index strengthened; those moves pressured gold, which fell nearly 4% on Monday. Bitcoin, by contrast, slipped only about 1% intraday before recovering.

Technically, analysts have pointed to a ‘‘double-bottom breakout’’ on bitcoin’s price chart as a potential signal for further gains. Fidelity Investments’ director of global macro Jurrien Timmer highlighted two lows this year at $60,033 and $57,742 and a middle peak near $82,800; a move above that peak would, in classic technical analysis, complete the double-bottom pattern and target a rally to $100,000. Timmer wrote on X that a break above $80,000 would confirm the setup.

Derivatives markets are reflecting bullish positioning as well. On crypto exchange Deribit, the $90,000 call holds the largest open interest at about $2.45 billion, followed by the $95,000 call with $2.33 billion and the $100,000 call with $1.79 billion. Market participants caution that chart patterns and options positioning are not guarantees: breakouts can fail and open-interest concentrations can shift quickly if trends reverse.

For now, bitcoin’s ability to remain in the $80,000s and stay above its May highs is being watched as the next test of momentum. Observers point to the combination of technical signals and options bets as factors that could amplify an upside move if the breakout sustains, but they also note the usual caveats about failed breakouts and fast-changing derivatives positioning.